Town Bank has invested $250,000 into the Northwest Side Community Development Corporation’s loan fund. They are the first private investor into the Business Lending Program at NWSCDC, which focuses on bringing employers back to the Northwest side of Milwaukee and helping existing businesses to expand. As a condition of receiving a loan from NWSCDC, these businesses commit to partnering with local workforce programs to hire residents of Northwest side communities.
“Town Bank is a unique financial institution and we are pleased to partner with them”, said Sarah Greenberg, Director of Lending at NWSCDC. “Their commitment to the future of distressed Milwaukee communities goes above and beyond what is required of financial institutions through the Community Reinvestment Act.”
Prior to the private investment from Town Bank, loans have been funded by the U.S. Department of Health and Human Services’ Office of Community Services, and the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund. The additional equity equivalent investment from Town Bank will allow us to expand our product line to serve smaller businesses.
“NWSCDC is leading the charge to reinvigorate economic development on the Northwest Side of Milwaukee and Town Bank wants to actively support their efforts,” said Joaquin Altoro, Commercial Banking Vice President of Town Bank.